ECON Principles of Microeconomics. Revision Date: 8/15/16

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1 Course Syllabus ECON Principles of Microeconomics Revision Date: 8/15/16 Catalog Description: Analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade. Lecture hours = 3, Lab hours = 0 Prerequisites: None Semester Credit Hours: 3 Lecture Hours per Week: 3 Lab Hours per Week: 0 Contact Hours per Semester: 48 State Approval Code: Core Components and Related College Student Learning Outcomes This course counts as part of the academic requirements of the Panola College Core Curriculum and an Associate of Arts or Associate of Science degree. Yes No: If no, skip to Instructional Goals. The items below marked with an X reflect the state-mandated outcomes for this course IF this is a CORE course: Critical Thinking Skills to include creative thinking, innovation, inquiry and analysis, evaluation and syntheses of information CT1: Generate and communicate ideas by combining, changing, or reapplying existing information CT2: Gather and assess information relevant to a question CT3: Analyze, evaluate, and synthesize information Communication Skills to include effective development, interpretation, and expression of ideas through written, oral, and visual communication CS1: Develop, interpret, and express ideas through written communication CS2: Develop, interpret, and express ideas through oral communication CS3: Develop, interpret, and express ideas through visual communication Empirical and Quantitative Skills to include the manipulation and analysis of numerical data or observable facts resulting in informed conclusions EQS1: Manipulate and analyze numerical data and arrive at an informed conclusion EQS2: Manipulate and analyze observable facts and arrive at an informed conclusion Teamwork to include the ability to consider different points of view and to work effectively with others to support a shared purpose or goal

2 TW1: Integrate different viewpoints as a member of a team TW2: Work with others to support and accomplish a shared goal Personal Responsibility to include the ability to connect choices, actions, and consequences to ethical decision-making PR1: Evaluate choices and actions and relate consequences to decision-making Social Responsibility to include intercultural competence, knowledge of civic responsibility, and the ability to engage effectively in regional, national, and global communities SR1: Demonstrate intercultural competence SR2: Identify civic responsibility SR3: Engage in regional, national, and global communities Instructional Goals and Purposes: The purpose of this course is to provide an analysis of the behavior of individual economic agents, including consumer behavior and demand, producer behavior and supply, price and output decisions by firms under various market structures, factor markets, market failures, and international trade Panola College's instructional goals include 1) creating an academic atmosphere in which students may develop their intellects and skills and 2) providing courses so students may receive a certificate/an associate degree or transfer to a senior institution that offers baccalaureate degrees. Learning Outcomes: [from the ACGM catalog] After studying all materials and resources presented in the course, the student will be able to: 1. Explain the role of scarcity, specialization, opportunity cost and cost/benefit analysis in economic decision-making. 2. Identify the determinants of supply and demand; demonstrate the impact of shifts in both market supply and demand curves on equilibrium price and output. 3. Summarize the law of diminishing marginal utility; describe the process of utility maximization. 4. Calculate supply and demand elasticities, identify the determinants of price elasticity of demand and supply, and demonstrate the relationship between elasticity and total revenue. 5. Describe the production function and the Law of Diminishing Marginal Productivity; calculate and graph short-run and long-run costs of production. 6. Identify the four market structures by characteristics; calculate and graph the profit maximizing price and quantity in the output markets by use of marginal analysis. 7. Determine the profit maximizing price and quantity of resources in factor markets under perfect and imperfect competition by use of marginal analysis. 8. Describe governmental efforts to address market failure such as monopoly power, externalities, and public goods. 9. Identify the benefits of free trade using the concept of comparative advantage. Course Content: A general description of lecture/discussion topics included in this course are listed in the Learning Objectives section of this syllabus. Students in all sections of this course will learn the following content: 1. Definition of economics and scarcity 2. Definition of and characteristics of an economic theory 2

3 3. Application and definition of the Ceteris Paribus phrase 4. Circular flow model 5. Difference between normative and positive economics 6. Difference between microeconomics and macroeconomics 7. Three questions that every economy must answer 8. Construction and reading of a graph 9. Identification of factors of production 10. Definition and calculation of opportunity cost 11. Assumptions of and concepts illustrated by a production possibilities frontier 12. Definitions of demand and supply and the graphing of each 13. Difference between a change in demand and change in quantity demanded 14. Identification of shifters in demand and supply 15. The creation and elimination of shortages and surpluses 16. Definition, calculation, and determinants of price elasticity of demand 17. Relationship between total revenue and price elasticity of demand 18. Definition and calculation of income elasticity of demand 19. Income elasticity differences for inferior vs. normal goods 20. Definition and calculation of cross elasticity of demand 21. Definition and calculation of price elasticity of supply 22. Definitions of utility, total utility, marginal utility, and law of diminishing marginal utility 23. Determination of a utility maximizing consumption bundle using the marginal utility-price approach 24. Deriving a demand curve using the marginal utility-price approach 25. Definition and characteristics of indifference curves 26. Definition and characteristics of budget lines 27. Determining the consumption utility maximizing consumption bundle using the indifference curve/budget line approach 28. Deriving a demand curve using the indifference curve/budget line approach 29. Definition of price ceiling and price floor 30. Results of price ceiling when the price is above or below the equilibrium 31. Results of price floor when the price is above or below the equilibrium 32. Advantages and disadvantages of sole proprietorships, partnerships, and corporations 33. Characteristics of common and preferred stock 34. Characteristics of corporate bonds 35. Definition, calculation, and graphical representation of total physical product, marginal physical product, fixed cost, average fixed cost, variable cost, average variable cost, total cost, average total cost, and marginal cost 36. How do increasing marginal returns and decreasing marginal returns affect marginal physical product and total physical product 37. Relationship between marginal physical product and marginal cost 38. Relationship between marginal cost, average variable cost, and average total cost 39. Reasons for Economies and Diseconomies of Scale 40. Creation of long-run average total cost curve 41. Reasons for economies and diseconomies of scale 42. Determining profit maximization and loss minimization using total revenue and total cost 43. Determining profit maximization and loss minimization using marginal revenue and marginal cost 44. Relationship between price, average revenue, and marginal revenue 45. Examination of operating decisions at five different price levels 46. Characteristics of Perfect Competition market structure 47. Characteristics of Monopoly market structure 48. Characteristics of Monopolistic Competition market structure 49. Characteristics of Oligopoly market structure 3

4 50. Comparison of absolute and comparative advantage Methods of Instruction/Course Format/Delivery: For the traditional face to face classroom course, teaching approaches are expected to vary with individual instructors who should employ those techniques which work best for them and their students. Although lecture and reading assignments are the primary delivery systems, other instructional techniques may include classroom discussion, audio-visual presentations, speakers, critical thinking exercises, and group activities. Students are also able to complete the course online. Our online course delivery system is Canvas. An online course in ECON 2301 at Panola College is designed for students who are capable of the selfdiscipline necessary in a non-structured situation to complete a four-hour course in one semester. Course content in the online version of ECON 2301 is the same as those used in the face to face version of the class. Major Assignments / Assessments: The following items will be assigned and assessed during the semester and used to calculate the student s final grade. Assignments 1. Chapter problems will be completed in MyEconLab (MEL). MEL will have due dates and a grade book. The MEL will also have optional study questions available to work that will not be graded. Grades will be transferred from MEL to the Canvas gradebook. Assessment(s): 1. There will be 5 tests during the semester. These tests will be in MyEconLab (MEL). Students in the online class will need to take the tests at an approved testing center. The face-to-face class will meet in a computer lab to take the tests during regular class times (details about which lab will be given in class). The lowest of the 5 test grades will be dropped and no make-up exams will be given. Test 1- Chapters 1-4 Test 2- Chapters 5-8 Test 3- Chapters 9-12 Test 4- Chapters Test 5- Chapters 16, Course Grade: The grading scale for this course is as follows: Assignments 30% Assessments 60% Participation/Discussion 10% 4

5 90 and above A B C D Under 60 F Texts, Materials, and Supplies: Textbook: Principles of MicroEconomics, Case, Fair, Oster, 11 th Edition, South-Western Cengage Learning, ISBN This is the MyEconLab access with e-text version which is required for the course. Required Readings: The textbook: Principles of MicroEconomics Recommended Readings: Additional notes/videos posted on Canvas to supplement the textbook. Other: For current texts and materials, use the following link to access bookstore listings: For testing services, use the following link: If any student in this class has special classroom or testing needs because of a physical learning or emotional condition, please contact the ADA Student Coordinator in Support Services located in the Administration Building or go to for more information. Withdrawing from a course is the student s responsibility. Students who do not attend class and who do not withdraw will receive the grade earned for the course. Student Handbook, The Pathfinder: 5